Serbia’s Top Imports And Exports

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The Republic of Serbia, a landlocked country amid the crossroads of Central and Southeastern Europe, spent 26.2 billion dollars on imports in 2020. 

This figure represents a 36.5 percent growth from 2016 to 2019, but a minus 1.2 percent decrease from 2019 to 2020.

The Serbian dinar has appreciated by 7.3 percent against the US dollar since 2016, according to the average exchange rate for 2020, and has increased by 2 percent from 2019 to 2020. 

When converted into Serbian dinars, imports are comparatively more expensive due to the stronger local currency.

In terms of continental imports, other European nations accounted for three-quarters or 72 percent of Serbia's total imports in 2020. 

Serbia's import purchases were fulfilled by Asian trading partners in 24.3 percent of cases. 

Exporters from North America got 2 percent, Africa had 0.9 percent, Latin America got 0.7 percent omitting Mexico but including the Caribbean, and Oceania with 0.06 percent, led by Australia, provided smaller percentages.

With a population of 6.94 million people excluding Kosovo, Serbia's 26.2 billion dollars in 2020 imports equates to nearly 3,800 dollars in annual product demand for each person in the landlocked country in Southeastern Europe.

Serbia’s Top Imports

The following product groups account for the majority of Serbia's import purchases in 2020. The percentage contribution of each product category in terms of overall imports into Serbia is also given.

2.7 billion dollars in machinery, including computers, accounts for 10.4 percent of total imports

2.6 billion dollars in electrical machinery and equipment accounts for 9.8 percent 

1.9 billion dollars in mineral fuels, including oil accounts for 7.3 percent

1.5 billion dollars in plastics and plastic goods stands at 5.7 percent 

1.3 billion dollars in vehicles accounts for 5.1 percent 

1.2 billion dollars in pharmaceuticals stands at 4.7 percent 

676 million dollars in iron and steel articles account for 2.6 percent

605.2 million dollars in iron and steel account for 2.3 percent 

556.7 million dollars in paper and paper products stands at 2.1 percent 

508.2 million dollars in aluminum accounts for 1.9 percent 

Serbia's top ten imports accounted for more than half or 52 percent of the total value of its foreign product acquisitions.

Pharmaceutical imports grew the most in value among the top ten import categories, increasing by 30.4 percent from 2019 to 2020. 

Serbian imports of machinery, including computers, came in second for improving import purchases up by 17.7 percent, trailing Serbian purchases of electrical machinery and equipment up by 3.2 percent.

Mineral fuels, including oil, are the worst-affected category among the top ten imported product categories, with a year-on-year loss of minus 29.9 percent.

Serbia’s Top Exports

The Republic of Serbia, a landlocked country in southeastern Europe with secure access to the Black Sea via the international waterway Danube, exported 19.4 billion dollars worth of commodities around the world in 2020. 

This figure represents a 31.1 percent increase from 2016, but a minus 0.6 percent drop from 2019 to 2020.

The Serbian dinar has appreciated by 7.3 percent against the US dollar since 2016, according to the average exchange rate for 2020, and has increased by 2 percent from 2019 to 2020. 

Serbian exports paid for in weaker US dollars will be relatively more expensive for overseas customers in 2020 due to the stronger local currency.

According to the most recent country-specific data available, importers in Germany accounted for 12.9 percent of the global total, Italy with 8.4 percent, Bosnia and Herzegovina with 7 percent, Romania with 6.5 percent, Hungary with 4.7 percent, Russia with 4.7 percent, Montenegro with 4.2 percent, the Czech Republic with 3.7 percent, North Macedonia with 3.7 percent, Croatia with 3.3 percent, Poland with 3.3 percent, and Bulgaria purchased nearly two-thirds accounting for 65.7 percent of Serbian exports.

Given Serbia's landlocked location, it's no surprise that Serbian exports are extremely concentrated, with 89.2 percent of the country's exports going to European countries and 6.1 percent going to Asian buyers. 

North America got 2.3 percent, Africa got 2 percent, Latin America excluding Mexico but including the Caribbean got 0.3 percent, and Oceania headed by Australia received a smaller percentage of 0.1 percent.

Serbia's total of 19.4 billion dollars in 2020 exports equates to nearly 2,800 dollars for every citizen of the southeastern European country, based on the country's population of 6.94 million people.

In 2020, the following export product groupings will have the biggest dollar value in Serbian global shipments. 

The percentage share of each export category in terms of overall Serbian exports is also shown.

3.1 billion dollars in electrical machinery and equipment accounted for 15.7 percent of total exports

1.5 billion dollars on machinery, including computers, accounted for 7.7 percent

1 billion dollars in plastics and plastic goods stands at 5.2 percent 

895.7 million dollars in rubber and rubber products stands at 4.6 percent

795.9 million dollars in vehicles accounted for 4.1 percent 

752.8 million dollars in cereals stands at 3.9 percent

736.6 million dollars in fruits and nuts account for 3.8 percent 

729.9 million dollars on furniture, bedding, lighting, signage and prefabricated buildings stands at 3.8 percent 

649.7 million dollars in iron and steel account for 3.3 percent 

533.5 million in copper account for 2.7 percent 

Serbia's top ten exports amounted to 54.9 percent of the country's total export value.

Cereals were the fastest-growing export category among the top ten, increasing by 27.3 percent from 2019 to 2020, owing to increased overseas sales of corn, wheat, and barley. 

Fruits and nuts came in second with a 21.1 percent increase in export sales. 

Serbia's shipments of plastics and plastic articles grew at the third-fastest rate, increasing by 5.3 percent.

With a minus, 28.8 percent reduction year over year, iron and steel was the greatest decliner among Serbia's top 10 export categories.

Serbia's total exported goods account for 14.9 percent of the country's overall Gross Domestic Product which is 130.7 billion dollars in Purchasing Power Parity US dollars in 2020. 

In PPP terms, exports will account for 14.9 percent of overall GDP in 2020, compared to 15.1 percent in 2019. 

Although based on a short timescale, this shows that Serbia's entire economic performance is becoming less reliant on products sold in overseas markets.

The unemployment rate is another important measure of a country's economic performance. 

According to Trading Economics, Serbia's unemployment rate was 9.9 percent in January 2021, up from 9.7 percent a year earlier.

Belgrade is Serbia's capital.

SOURCES:

https://www.worldstopexports.com/serbias-top-10-imports/

https://www.worldstopexports.com/serbias-top-10-exports/

 

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